Investment Rating - The report maintains a "Weaker than Market" investment rating for the U.S. stock market [1] Core Insights - The U.S. stock market experienced narrow fluctuations with most sectors declining, as the S&P 500 fell by 0.3% and the Nasdaq by 0.1% [3] - There were 8 sectors that increased while 16 sectors decreased, with notable gains in Energy (+2.6%), Semiconductor Products and Equipment (+2.4%), and Transportation (+1.2%) [3] - Conversely, sectors that saw significant declines included Telecommunications (-4.8%), Insurance (-2.6%), and Banks (-2.5%) [3] Summary by Sections Market Overview - The S&P 500's estimated fund flow was -$5.7 billion this week, a decrease from the previous week's +$23.4 billion, with a total of +$216.4 billion over the last 13 weeks [4] - Fund inflows were observed in 11 sectors, with Semiconductor Products and Equipment leading at +$17.2 billion, followed by Transportation (+$6.0 billion) and Energy (+$4.1 billion) [4] - Sectors experiencing fund outflows included Software and Services (-$15.9 billion) and Automotive and Parts (-$8.2 billion) [4] Earnings Forecast - The dynamic F12M EPS forecast for S&P 500 constituents was adjusted upward by 0.3%, following a 0.2% increase the previous week [5] - Earnings expectations were raised for 21 sectors, with the highest adjustments in Integrated Finance (+0.8%), Automotive and Parts (+0.8%), and Semiconductor Products and Equipment (+0.8%) [5] - Three sectors saw downward revisions, notably Healthcare Equipment and Services (-1.0%) and Telecommunications (-0.2%) [5] Price Performance - The Energy sector recorded a price return of +2.6% this week, while the Telecommunications sector saw a decline of -4.8% [15] - Over the past 52 weeks, the Energy sector has increased by 5.1%, while the Telecommunications sector has decreased by 4.0% [15] - The Semiconductor Products and Equipment sector has shown a remarkable increase of +48.0% over the past 13 weeks [15] Fund Flow Analysis - The Industrial sector led with a net fund inflow of $781 million this week, followed by Energy with $409 million [19] - The Semiconductor Products and Equipment sector also saw significant inflows of $1.716 billion, indicating strong investor interest [19] - In contrast, the Software and Services sector experienced the largest outflow of -$1.594 billion [19]

澳大利亚总理还没抵达中国，德国总理默茨就传出年内访华的消息。西方多国对华示好之际，特朗普却计划下达禁令，限制华人在美购地。那么，即将来华 访问的澳大利亚总理阿尔巴尼斯，将给中澳关系带来哪些影响？特朗普为何要限制华人在美购买土地？ 与即将抵达中国的阿尔巴尼斯相比，德国总理默茨的外交速度要稍微慢了一些。路透社援引消息人士的话称，默茨将在今年晚些时候，开启任内首次中国之 行，与他一起访华的还有一支由顶尖企业高管组成的代表团。 有分析认为，德国之所以早早放出默茨年内访华的消息，既是为了稳住中国这个最大进口来源国，减少双边关系紧张给两国经贸合作造成的负面影响，也是 为了在特朗普政府掀起的关税浪潮面前多积累一些筹码。毕竟中国是"对等关税"政策实施后，全球唯一一个成功迫使美国作出让步的国家。在经济领域上深 化对华合作，对德国政府度过眼前的难关显然势必有益的。用默茨的话来说，德国愿同中方坚持开放互利，促进公平贸易，携手应对危机挑战，这符合双方 的利益。 不过，对于西方多国近期对华释放友善信号，寻求深化对华合作的举动，特朗普政府显然并不满意。据报道，当地时间8日，美方以"国家安全""粮食安 全"为借口，计划全面禁止中国及其他" ...

改变的关键在于我省推进紧密型县域医共体建设——以市县人民医院为牵头单位，联合乡镇卫生 院、村卫生室等基层医疗机构，形成统一管理单元。"最核心的变化是统一了药品目录，彻底打通了用 药限制。"蔡捷捷介绍，此举显著增加了乡镇卫生院和村卫生室的可用药品种类，让慢病患者能够便捷 地在"家门口"用上所需的药品。 新政策的成效已开始在基层显现。"我们卫生院通过对辖区患者需求的细致摸底，将降压药品种从 过去的几种扩展到现在的十多种，基本覆盖了附近患者的常用药需求。"蔡捷捷院长介绍，这意味着更 多的患者可以免除奔波之苦，真正享受就近的基层医疗服务。 近日，海口市云龙镇长泰村卫生室医生王运铭看着身患高血压病的村民蔡夫丰的检查报告，对照着 一条条数据进行讲解。在了解了他的常用药后，王运铭当场为他开具了降压药。以往，蔡夫丰需要到海 口市第五人民医院取药，如今在家门口的村卫生室就可以拿到这些药。 自深入贯彻中央八项规定精神学习教育开展以来，省卫生健康委坚持学查改、开门教育一体推进， 教育引导党员干部主动担当作为，坚持把脉问诊、对症下药，聚焦百姓看病的"关键事、揪心事"精准发 力，积极推进为民办实事事项，以作风建设新成效提升群众就医获得 ...

近日，新华社发布消息，医疗保障法草案于6月24日提请十四届全国人大常委会第十六次会议首次审 议。这无疑意味着令国人关注的医疗保障法案已经通过初步审查，并正式被纳入全国人大常委会的立法 议程中。可以预见，随着将来医疗保障法的终审通过并颁布实施，我国医保治理的法治根基将进一步夯 实，我国的医疗保障事业也将全面迎来高质量、规范化的发展阶段。 一、医保高质量发展需要综合治理 经过多年的改革实践，越来越多的有识之士越来越深刻地体认到，医保的高质量发展需要多方力量的共 同参与和协同配合，需要多种机制的互补嵌合和紧密衔接，唯有通过医保的综合治理才能全面提升人民 群众的医疗保障水平，有效防范因病致贫、因病返贫情况的发生，从而在健康中国建设大业中贡献一份 医保力量。究其原因： 一是不同主体的不同需求需统筹兼顾综合协调形成发展共识。医保涉及需方（患者）、供方（医疗机 构、药耗生产企业）、支付方（医保基金）及监管方（政府）等多个主体。但各方主体所追求的目标并 不一致，比如：患者追求质优价廉的医药服务，医院需要获得收入以维持日常运营，药耗生产企业需要 获得利润以实现企业发展，医保则需要平衡基金安全与保障水平，等等。因此，医保政策的制 ...

Group 1: Core Perspectives - The visit of Australian Prime Minister Albanese to China marks a significant moment in the ongoing improvement of Sino-Australian relations, aiming to enhance communication and mutual trust [1][2] - The two countries have achieved positive outcomes in their relationship over the past three years, with increased dialogue and cooperation across various sectors [1][2] Group 2: Economic Cooperation - China has been Australia's largest trading partner for 16 consecutive years, with significant contributions to Australia's economy, including an increase of AUD 2,600 in disposable income per household and the creation of 595,600 jobs, accounting for 4.2% of total employment [2] - The China-Australia Free Trade Agreement, signed ten years ago, has played a crucial role in the robust development of economic cooperation, with a focus on both traditional sectors like agriculture and mining, as well as emerging fields such as AI, healthcare, green energy, and digital economy [2] Group 3: Cultural and People-to-People Ties - There is a strong foundation of friendship between the two nations, with China being the largest source of international students and tourists for Australia, and over one million Chinese nationals residing in Australia [3] - The two countries should deepen cooperation in local, cultural, educational, and tourism sectors, fostering youth exchanges to strengthen the public support for Sino-Australian relations [3] Group 4: Regional and Global Stability - Both countries can collaborate on international and regional issues within multilateral frameworks like the UN, G20, and APEC, promoting regional peace and stability amid rising unilateralism and protectionism [3] - By focusing on mutual respect and common interests, Sino-Australian relations can continue to develop positively, benefiting both nations and contributing to global peace and prosperity [3]

www.hczq.com 证券研究报告 | 医药生物 | 2025年7月12日 华创医药投资观点&研究专题周周谈 · 第134期 中药企业的创新布局 联系人：高初蕾 赵建韬 华创医药团队： 首席分析师 郑辰 联席首席分析师 刘浩 医疗器械组组长 李婵娟 中药和流通组组长 高初蕾 分析师 王宏雨 分析师 朱珂琛 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com 执业编号：S0360524070007 邮箱：zhukechen@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 第一部 ...

Group 1 - The 27th China Association for Science and Technology Annual Conference will be held from July 1 to July 31 in Beijing, focusing on "Tracing Technological Frontiers and Supporting Innovative Development" [1] - The main forum is scheduled for the morning of July 6, featuring prominent speakers discussing topics such as quantum technology, biomanufacturing, deep-sea technology, artificial intelligence, and agriculture [1][2] - The conference will include various exhibitions and open academic exchanges to foster a positive academic atmosphere [1] Group 2 - The latest citation report indicates that 56 Chinese scientific journals rank in the top three internationally within their disciplines, with 24 journals ranking first [2] - A new "Academic Association" service platform will be launched, providing comprehensive management systems for scientific journals and promoting data exchange and publication services [2] - The conference will host 98 specialized forums covering ten fields, including basic sciences, life health, earth sciences, ecological environment, manufacturing technology, information technology, advanced materials, resource energy, agricultural technology, and aerospace technology [2] Group 3 - The annual conference is a significant initiative for the China Association for Science and Technology to implement the spirit of the Third Plenary Session and contribute to the 14th Five-Year Plan [3] - It aims to strengthen the association's service to national strategic guidance and enhance its academic influence and cohesion among scientific workers [3]

7月14日17：00- 21：00，粤桂协 作•2025年侗医 药健康行活动将 从"脱离巫 医"到"出山入 湾"，三江侗医 药借力粤桂协作 走出侗寨_南方 +_南方plus 在吴川市金沙广 场举行，我们将 有机会在中华博 大的医学史中， 能看到侗医药的 历史起源与现代 发展，感受它深 厚的文化底蕴与 独特的魅力。 广西三江侗族自 治县的侗医药， 其起源与发展， 是一部充满历史 韵味的篇章。从 远古的传说到今 天的医学，侗医 药的每一步发展 都凝结着侗寨先 人的智慧与汗 水。 如今在吴川-三 江粤桂协作工作 组的推动下，医 教合作在山海之 间频繁进行，侗 医药也逐渐从服 务侗寨百姓走向 服务有健康需求 的人们。 脱离巫医 发展成为我国传 统医药的一部分 三江，古属夷蛮 之地，秦汉 为"古夜郎之 域"，县始建于 宋崇宁四年 （1105），称怀 远县，1955年9 月改为侗族自治 县。人口35万 多，有侗、壮、 苗、瑶、汉等民 族，其中侗族人 口占全县总人口 的57%。 从古老的传说到 如今的繁荣，关 于三江侗医药的 起源，一直存在 在三江侗族自治县，侗族人口占全县人口的57%。 一些争议。有人 试图将侗医药归 为 ...

长城医药科技六个月持有期混合型证券投 资基金 基金管理人：长城基金管理有限公司 基金托管人：中国农业银行股份有限公司 报告送出日期：2025 年 7 月 12 日 长城医药科技六个月混合 2025 年第 2 季度报告 §1 重要提示 本基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 本基金托管人中国农业银行股份有限公司根据本基金合同规定，于 2025 年 07 月 11 日复核了 本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性 陈述或者重大遗漏。 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 §2 基金产品概况 基金简称 长城医药科技六个月混合 基金主代码 011673 基金运作方式 契约型开放式 基金合同生效日 2021 年 ...

Core Viewpoint - Jiangsu Sihuan Bioengineering Co., Ltd. (referred to as "Sihuan Bio" or "*ST Sihuan") expects to increase revenue without profit in the first half of 2025, projecting revenue of approximately 180 million to 190 million yuan, a year-on-year increase of 70.12% to 79.57%, while net profit attributable to shareholders is expected to be a loss of 9 million to 13 million yuan, widening from a loss of 11.0581 million yuan in the same period last year [1][2]. Group 1: Financial Performance - Sihuan Bio's revenue is projected to grow significantly due to bulk sales of seedlings by its wholly-owned subsidiary, Jiangsu Chenwei Ecological Park Technology Co., Ltd., despite a slight decline in revenue from its main subsidiary, Beijing Sihuan Bio-Pharmaceutical Co., Ltd. [2] - The company has reported continuous losses for four consecutive years, with revenues of 351 million yuan, 270 million yuan, 235 million yuan, and 204 million yuan from 2021 to 2024, and corresponding losses of 34.79 million yuan, 48.79 million yuan, 75.27 million yuan, and 110 million yuan [6][8]. Group 2: Legal and Regulatory Issues - Sihuan Bio is facing ongoing financial burdens due to securities false statement liability disputes, with 188 investors filing lawsuits against the company, totaling 41.2075 million yuan in claims [3]. - The company has been penalized by the China Securities Regulatory Commission (CSRC) for false disclosures regarding its actual controller, leading to administrative penalties and market bans for the former actual controller, Lu Keping [4][5]. Group 3: Market Challenges - The company is experiencing significant sales pressure due to intensified competition and price reductions in the pharmaceutical industry, particularly in the context of centralized drug procurement [7][8]. - Despite an increase in research and development (R&D) personnel and investment, the company’s core pharmaceutical business has not shown substantial improvement, relying instead on non-core business revenue for short-term gains [8].